Request for Information from B.C. Credit Unions: Registered Plan Deposits Transfer Services

BC Financial Services Authority (“BCFSA”) invites B.C. credit unions to respond to its Request for Information (“RFI”) for Registered Plan Deposits Transfer Services. The RFI will collect information from B.C. credit unions about their interest in providing services for the transfer of Credit Union Deposit Insurance Corporation of BC (“CUDIC”)-insured deposits that are in registered plan accounts in the event of a B.C. credit union failure. BCFSA requests that B.C. credit unions submit a statement of interest specifying the roles they are interested in and capable of fulfilling by completing Appendix A: Submission Declaration Form of the RFI. All B.C. credit unions that respond to the RFI will be included in the Transferee Pool.

B.C. credit unions should respond to the RFI by 2 p.m. on February 28, 2023. The RFI will be reissued periodically to refresh the Transferee Pool.

BCFSA’s Consultation on the Proposed Approach

From November 1 to November 21, 2022, BCFSA held a consultation on CUDIC’s proposed approach for the transfer of insured deposits in registered plan accounts to another B.C. credit union. Please see our consultation summary report detailing the feedback and our responses.

BCFSA thanks those who took the time to participate in the consultation. Where possible, feedback was used to update the proposed approach and establish the requirements outlined in the discussion paper.

Additional Information

• Request for Information for Registered Plan Deposits Transfer Services
• Consultation Summary Report: Registered Plan Transfer
• BCFSA Discussion Paper – Proposed Approach: Transferring CUDIC Insured Deposits in Registered Plan Accounts
• Advisory: Survey on Proposed Approach for Transferring Insured Deposits in Registered Plan Accounts